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December 27, 2007 Thursday Zilhaj 16, 1428 Govt mulling Major budgetary adjustments ISLAMABAD, Dec 26: The government is expected to make some major budgetary adjustments in the next few days under the mid-year budgetary review 2007-08 to meet changed economic needs, including rising fiscal deficit and food inflation.... Engro signs $154 million financing for power plant ISLAMABAD, Dec 26: Engro Energy (Pvt) Limited, a 100 per cent owned subsidiary of Engro Chemical Pakistan, has concluded signing of project financing documents with a consortium of foreign institutions which...   House rent increases inflationary impact KARACHI, Dec 26: While millions are homeless in the country, house rent index has been on rise since May this year, clearly reflecting the terrible pressure on the people already under the strain of crushing food inflation of 14 per cent.... Iran, Malaysia sign $6bn gas deal TEHRAN, Dec 26: Iran signed a multi-billion dollar deal with Malaysia on Wednesday to develop two offshore Iranian gas fields, boasting that the planned investment was the biggest ever in the country.... Dollar slides in thin trade NEW YORK, Dec 26: The US dollar slid against a basket of major currencies in thin trade on Wednesday while the yen traded near seven-week lows as investors continued to fund carry trades by borrowing the Japanese currency.... Deal for major US industrial group WASHINGTON, Dec 26: US billionaire investor Warren Buffet announced on Tuesday he was buying a 60 per cent majority of Marmon Holdings Inc., an industrial group owned by one of America’s richest families, for 4.5... $1.8bn telecom FDI in 2006-7 ISLAMABAD, Dec 26: The country’s telecommunication sector attracted $1.8 billion Foreign Direct Investment during 2006-7, which was 35.6 per cent of the total FDI.... Cut in foreign firms’ tax KUWAIT, Dec 26: Kuwait’s parliament approved on Wednesday a much-delayed government plan to slash tax on foreign firms to a flat 15 per cent from up to 55 per cent, removing a five-decade old obstacle to foreign investment.... KSE 100-share index gains 22.93 points KARACHI, Dec 26: The KSE 100-share index on Wednesday consolidated well above its career-best level around 14,815 points, boosted again by the strength of the banking sector and some low-priced shares, having potential of higher capital gains.... Wheat, flour again under pressure KARACHI, Dec 26: The Punjab government’s decision of imposing ban on movement of wheat to other provinces has pushed up wheat and flour prices here.... Oil prices jump on new Turkish air-strikes NEW YORK, Dec 26: Oil prices jumped on Wednesday on supply concerns stoked by a new round of Turkish airstrikes in northern Iraq and a growing belief that domestic oil inventories fell last week.... KCCI polls KARACHI, Dec 26: Shamim Ahmed Shamsi has returned unopposed, with all candidates of Businessmen Group (BMG), on member class and town association seats of Karachi Chamber of Commerce and Industry (KCCI) for 2007-08 ahead of Dec 29 elections.... Nepal hikes petrol prices KATHMANDU, Dec 26: Nepal’s state-owned oil company on Wednesday hiked petrol prices by nearly 10 per cent, the second increase in the past two months, to meet a rising import bill, officials said.... Housing slump may temper US stocks advances NEW YORK, Dec 26: The US housing meltdown and credit crunch, which brought a swift end to an investment bonanza earlier this year, is likely to give Wall Street a stiff hangover during 2008, market strategists say.... S. Korean steel giant buys Malaysian firm SEOUL, Dec 26: South Korean steel giant Posco said on Wednesday it had bought a Malaysian steelmaker as part of efforts to establish a production network elsewhere in Asia.... Rs50 increase in cotton prices KARACHI, Dec 26: Trading resumed on the cotton market on Wednesday after Tuesday’s closure on a bullish note as pent up demand figured prominently, pushing up prices by Rs50per maund.... Karachi Port operations KARACHI, Dec 26: Nine ships carrying chemicals, and to load cement, molasses and ethanol are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Temasek sees growth potential in Merrill Lynch SINGAPORE, Dec 26: Singapore’s state-linked investment firm Temasek Holdings, which has taken a $4.4 billion stake in troubled Merrill Lynch, said on Wednesday that it saw strong growth potential in the firm.... Gazprom opposes foreign ownership MOSCOW, Dec 26, 2007: A top Gazprom executive voiced opposition on Wednesday to foreign ownership of Russian energy reserves, saying it could deprive Russian consumers of much-needed natural gas, news agencies reported.... Analysts see prospect of $100 oil in 2008 PARIS, Dec 26: Oil prices of near $100 per barrel caused alarm in consuming countries in 2007 and analysts forecast another tense crude market next year with triple-figure records a real prospect.... Coal to remain top energy source BEIJING, Dec 26: China reiterated on Wednesday its long-term dependence on coal for energy, but pledged to step up efforts to burn the fuel more cleanly to reduce its impact on global warming.... US govt debt prices rise NEW YORK, Dec 26: US government debt prices rose on Wednesday, erasing earlier losses, as traders covered short positions prior to a $22 billion two-year debt auction.... Appointment KARACHI, Dec 26: The board of directors of Ufone has announced the appointment of Mr Abdul Aziz as President and CEO of the company. Mr Aziz is a fellow chartered accountant... Company news KARACHI: The IGI Insurance Ltd has launched its ‘home cover’ plan, making it the latest addition to the line of insurance products it currently offers to its customers.... Asian stocks close mostly higher HONG KONG, Dec 26: Asian stocks closed mostly up on Wednesday as investors opted to look on the bright side during the holiday season despite the financial woe afflicting the US economy.... Karachi market rates KARACHI, Dec 26: The following were Wednesday’s commodity market rates in rupees....

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